The global biotechnology market size reached USD 1.38 trillion in 2023 and is expected to be worth around USD 4.61 trillion by 2034, growing at a CAGR of 11.5% from 2024 to 2034.
The biotechnology market encompasses the global industry focused on the development and application of technologies involving biological systems, organisms, or derivatives to create products and processes for various sectors, including healthcare, agriculture, environmental management, and industrial processes. The use of biology to produce novel goods, processes, and creatures to enhance society and human health is known as biotechnology. Over the past century, it has changed, absorbing other fields, including biology, chemistry, molecular biology, genetic engineering, genomics, nanotechnology, and informatics.
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The production of new organisms or their alteration through genetic engineering is a common use of biotechnology in modern times. Red biotechnology focuses on medical processes; white biotechnology is on industrial processes; green biotechnology is on agricultural processes; gold bioinformatics is on marine and aquatic environments; yellow biotechnology is on food production; violet biotechnology is on adhering to legal and ethical standards; and dark biotechnology is on weapons or warfare. Agriculture, industry, medicine, and the environment are among biotechnology’s primary applications.
Biotechnology Market Key Highlights
- North America dominated the biotechnology market with the largest market share of 37.79% in 2023.
- Asia Pacific has contributed the highest market share of 23.99% in 2023.
- By application, the bio-pharmacy segment has captured a major market share of 41.73% in 2023.
- By technology, the tissue engineering and regeneration segment accounted for the largest market share of 19.26% in 2023.
Regional Outlook
North America occupied the largest market share of 37.79% in 2023.
Due to major companies, R&D efforts, and high healthcare costs, the regional market is expanding. The uptake of life sciences technologies is being accelerated by the strong penetration of platforms based on proteomics, genomics, and cell biology. The increase in applications for customized medicine and chronic illnesses is anticipated to have a beneficial effect on the growth of the market in the area.
Asia-Pacific is expected to witness significant growth during the forecast period. Advances in precision medicine, technology, and finance availability are the main drivers of biotech investment in the Asia-Pacific area. Owing to biotech’s potential for expansion and innovation, both public and private investors are making significant investments in the field. Targeted medicines are the result of advances in proteomics and genomes, with businesses such as Astellas and Celltrion at the forefront. Artificial intelligence and big data analytics are examples of technological developments that have spurred the emergence of new biotech businesses that concentrate on cutting-edge technology.
- For instance, in order to meet the increasing need for supplementary medicine in the Asia Pacific area, Brenntag and Taiwan-based Greenyn Biotechnology have teamed up. Greenyn Biotechnology is a manufacturer of nutritional supplements. Through the collaboration, Greenyn’s experience in product research and marketing will be combined with Brenntag’s wide distribution network to provide cutting-edge formulations and customized health solutions.
Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2034 | CAGR of 2034% |
| Market Size in 2023 | USD 1.38 Trillion |
| Market Size in 2024 | USD 1.55 Trillion |
| Market Size by 2034 | USD 4.25 Trillion |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Application, Technology, Region |
| Regions Covered | Asia Pacific, North America, Europe, Latin America, Middle East and Africa |
Biotechnology Market Segments Outlook
Application Outlook
The bio-pharmacy segment dominated the biotechnology market in 2023. Applications for biopharmaceuticals include the production of vaccines, blood components, body cells, live cells, gene treatments, and recombinant therapeutic proteins. Businesses can grow mammalian cell lines that are subject to regulatory authorities’ and Good Manufacturing Practices (GMP) guidelines, and they can employ microbial cells like recombinant E. coli to develop effective vaccines. Because biopharmaceuticals and human chemicals have structural similarities, they may be able to treat illnesses rather than only their symptoms.
Monoclonal antibodies, chemically defined cells, and genome-based technologies for cancer therapy and vaccine production are examples of emerging technologies. Gene therapy, which replaces faulty genes with good ones to cure current illnesses or stop their development, offers biopharma the most promising.
Technology Outlook
The tissue engineering and regeneration segment dominated the biotechnology market in 2023. Biologically active chemicals, scaffolds, and cells are combined in tissue engineering to create functional tissues that can repair, preserve, or enhance damaged organs or tissues. Although the FDA has cleared it for use in artificial skin and cartilage, its application in human patients is restricted. Tissue engineering is a large subject in regenerative medicine, emphasizing self-healing and seeking to find solutions rather than treatments for complicated illnesses.
As of right now, tissue engineering is mostly used for expensive, experimental patient treatments. It can, however, be helpful in the drug development process, as employing human tissue to test drug candidates might reduce the need for animals and save costs while accelerating the creation of customized medicine.
Biotechnology Market Dynamics
Driver
Continuous innovation
Biotech innovation is expected to completely transform the biotechnology market. Notable breakthroughs include biosensors, virtual and augmented reality (VR&AR), 3-D bioprinting, bioplastics, bioenergy, and gene editing. Doctors can receive instantaneous warnings when biosensors detect biosignatures, such as respiration, heart rate, blood pressure, and body temperature.
Human organs, medications, and body parts may be created by 3-D bioprinting, which has uses in medical education and research. Biodegradable polymers are increasingly becoming a more ecologically friendly option. Another interesting area of biotech research is gene editing, which treats illnesses through genetic engineering.
Restraint
Affordability issues
The political argument over the merits of expensive biotech therapies for critical ailments will probably exacerbate the issue of growing healthcare prices, especially those of drugs. The public does not generally trust the pharmaceutical industry’s claim that R&D is supported by present pricing and price limits may impede R&D.
The primary concern with biotech medications is affordability, which presents an ethical conundrum. Because employers and insurers must weigh actuarial concerns against patient non-adherence risks and potentially erroneous clinical data, this might place buyers and players on the defensive. Experts perceive a critical conflict between insurers’ hesitation to add biotech pharmaceuticals because of acquisition costs or patients’ inability to pay for the additional costs of therapy.
Read Also: Health and Wellness Market Size to Achieve USD 9,245.8 Bn by 2033
Opportunity
AI and big data in biotechnology
Globally, big data and artificial intelligence are transforming the biotechnology, medicinal, and healthcare industries. These technologies are increasing patient monitoring, speeding up drug research, enabling customized therapy, boosting diagnostic accuracy, and simplifying administrative procedures. AI algorithms can forecast the safety and efficacy of drugs by analyzing complicated data, including genetic information, molecular structures, and clinical trial findings. These speed up the delivery of life-saving therapies by cutting down on the time and expense of medication development.
By customizing treatment regimens to each patient’s distinct genetic and molecular features, personalized medicine makes therapies more successful and minimizes unwanted effects. AI-powered algorithms can evaluate medical pictures more precisely and accurately, leading to better patient outcomes and earlier diagnosis. Big data and artificial intelligence will play a major role in the biotechnology market in the future, ushering in a new era of universally available, efficient, and customized healthcare.
Biotechnology Market Top Companies
- Lonza
- AstraZeneca
- Pfizer Inc.
- Gilead Sciences Inc.
- F. Hoffmann-La Roche Ltd.
- Biogen
- CELGENE Corporation
- Sanofi
- Abbott
- Novartis AG
Recent Developments
- In July 2024, sponsored by the Ministry of Earth Sciences, the National Facility for Coastal and Marine Research (NFCMR) is holding a national workshop on Blue Biotechnology at the Sathyabama Institute of Science and Technology (SIST). The purpose of the event is to advance blue biotechnology’s creative ideas and environmentally friendly methods.
- In June 2024, with an estimated cost of ₹435 crore, Tamil Nadu Agricultural University (TNAU) intends to open a Centre of Excellence in Biotechnology, with the goal of creating cutting-edge bio-inputs to advance agriculture in the region. Vice-Chancellor V. Geethalakshmi said that 100 start-ups engaged in agri-biological manufacturing and distribution will be housed at the center.
- In December 2023, The US and India have decided to add biotechnology to the iCET’s purview. Before the next review meeting, there is a chance to suggest some preliminary topics for discussion. These might be developed inside the iCET framework to enhance economic and technological cooperation before being expanded into a larger framework that includes additional nations.
